Soybean Comment
Soybeans were under pressure early as traders continued to take profits on recent gains. Beneficial rains in Argentina were also a negative factor. Most farmers remain reluctant sellers at least for the time being. Crop prospects in South America remain excellent and export demand in the U.S. is expected to decline as purchasers move their business south. March will need to close above Tuesday’s high of $14.60 to extend this upturn.

Wheat
Cash bid for January at Memphis 798 1/2 to 803 1/2;

Bids to farmers at Local Elevators

742-752;

River Elevators

738-770;

Chicago Futures:

March

down

6 1/4

at

768 1/2

May

down

6 3/4

at

777

July

down

6 1/2

at

782 1/4

Sept

down

7 1/2

at

792 1/2

Dec

down

7 1/2

at

806 3/4

Today's Arkansas LDP rate for wheat is:

0¢

Grain Sorghum
Cash bid for January at Memphis 1222 to - - -;

Bids to farmers at River Elevators

1115-1204;

Today's Arkansas LDP rate for sorghum is:

0¢

Corn

Cash bid for

January at Memphis
739 1/4 to 742 1/4;

New Crop at Memphis
573 1/4 to 588 1/4;

Bids to farmers at River Elevators

730 to 744

Chicago Futures:

March

up

3 1/2

at

724 1/4

May

up

1 1/2

at

724 1/4

July

down

1 3/4

at

715 1/4

Sept

down

3 3/4

at

608 1/4

Today's Arkansas LDP rate for corn is:

0¢

Grain Comment
Wheat futures posted losses across the board. Today’s weakness was due to carryover weakness from other contracts and strong European exports this week.

Corn declined, but March remains in a narrow trading range just below the recent high of $7.35 for the time being. Weak demand from Midwest ethanol plants contributed to a weaker undertone in the corn market.

Cotton & Rice Date: January 24, 2013

Cotton

Spot Price, Grade 41 Staple 34:

Memphis unchanged 78.89 at
- - -

Greenwood unchanged
78.89 at - - -

New York Futures:

March

up

241

at

8289

May

up

153

at

8220

July

up

60

at

8104

Oct

down

34

at

7945

Dec

down

4

at

7973

This week's LDP rate for cotton is

0 cents

The estimate for next week is

0 cents

Cotton Comment
Cotton was mixed again today with front end contracts continuing to firm after March closed above the Mid-October high of 79.19 cents. Good export demand has extended recent gains moving trading above the long term range that had contain the market for some time. For now Chinese mills see U.S. supplies as a better deal than stocks in their own country. That could change at any time. The next upside objective is the 38% retracement level of 80.66 cents. New Crop December continues to hold just under 80 cents.

Rice

Long Grain Cash Bid for

Jan

- - -

to

- - -

NC

- - -

to

- - -

Chicago Futures:

March

down

2

at

1528 1/2

May

down

2

at

1560 1/2

July

down

1 1/2

at

1587 1/2

Sept

up

1/2

at

1555 1/2

Nov

up

1/2

at

1556 1/2

Today's Arkansas LDP rate for long grain rice is

0¢

medium grain rice is

0¢

Rice Comment
Rice futures were under pressure again today. Big world supplies remain an obstacle, although there seems to be little overlap with the Asian markets at this time. The U.S. is looking at potentially more sales to Iran, and Iraq is expected to tender at any time. The Memorandum of Understanding between Haiti and Vietnam remains a possible setback, and could limit upside potential.

Cattle & Hogs Date: January 24, 2013

Cattle
As reported by Federal-State Market News, receipts were 1193 head
at sales in Ratcliff & Green Forest.
Compared with last week, feeder steers sold unevenly .

Cattle Comment
Cattle futures posted across the board gains today. The market is building on support at Friday’s low of $124.80. Position evening ahead of tomorrow’s cattle on feed report was supportive for live futures, and feeders were supported by weaker corn prices.

HogsPeoria: were $1 higher to $3 lower
at 56.00 to 58.00

Chicago Futures:

Feb

up

107

at

8705

April

up

167

at

8967

Hogs Comment
Hogs ended higher today. Bitterly cold temperatures have limited hog runs and as a result, slaughter this week is down 5.3% from last week. However, already negative packer margins have fallen further into the red, which will limit the upside.

Poultry Date: January 24, 2013

Eggs

New York:

Ex. Lg. 142-146; Lg. 140-144; Med. 116-120;

Chicago:

Ex. Lg. 119-127; Lg. 117-125; Med. 95-103;

National Turkeys

Hens:

8-16 lbs

98.00

Toms:

16-24 lbs

95.50

Delmarva BroilersU.S. Grade AN/A

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